My sof ...

mrsjonesjuly2010

Thank yu for your replys.

Im think that the DMP may not be the route to go down as if we tighten our belts I could pay off the smaller credit card debt asap.

Im thinking that getting a Joint bank account with hubby may be a start so that all wages go in there & we will know then exactly what we have left each month? Does this sound ok?

As we currently have seperate accounts so dont really know whats being spent if you get what i mean.

Also hubby as an overdraft with his current account lloyds, if he were to switch accounts would he have to pay this in full as we were thinking of paying some each month to get rid of it.

Thanks

antonia1

Do you have anything you could sell to pay off some of the smaller credit cards? Old clothes, DVDs etc?

Do you definitely need two cars? Could one / both of you use public transport for work?

How long do you have to pay your dad?

Debt_Free_Chick

mrsjonesjuly2010 wrote: »

Thank yu for your replys.

Im think that the DMP may not be the route to go down as if we tighten our belts I could pay off the smaller credit card debt asap.

Way to go, Mrs Jones :T

Im thinking that getting a Joint bank account with hubby may be a start so that all wages go in there & we will know then exactly what we have left each month? Does this sound ok?

Yup

But you need a real and realistic budget for your household spend first. Let's see if we can get you there :T

Once you have that, perhaps continue to have wages go to your personal accounts, but each of you then transfer £x (total to meet the budget) monthly, to meet the household bills.

Debt_Free_Chick

Would this work for you?

Changes marked in red

mrsjonesjuly2010 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1205
Partners monthly income after tax....... 1476
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2681
Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 55
Gas..................................... 80
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 50
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 21
Car Insurance........................... 80
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200 - is this maintenance/child support?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 11
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 21
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1557

Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 108000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86000....(525)......0
Total secured & HP debts...... 86000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA CARD......................500.......15........0
MBNA CARD......................5900......180.......0
HALIFAX CARD...................620.......19........0
DEBENHAMS CARD.................350.......10........0
LLOYDS TSB CARD................3000......70........0
HALIFAX OVERDRAFT..............600.......50........0
BARCLAY CARD...................2500......50........0
BARCLAY CARD...................600.......19........0
SANTANDER CARD.................500.......15........0
HALIFAX CARD...................5400......162.......0
Dad.............................??.......500.......0
Total unsecured debts..........19970....1090.......-

Monthly Budget Summary
Total monthly income.................... 2,681
Expenses (including HP & secured debts). 1,557
Available for debt repayments........... 1,124
Monthly UNsecured debt repayments....... 1,090
Amount left after debt repayments....... 34
Personal Balance Sheet Summary
Total assets (things you own)........... 108,000
Total HP & Secured debt................. -86,000
Total Unsecured debt.................... -19,970
Net Assets.............................. 2,030

mrsjonesjuly2010

Hi I would to thank everyone for their replies.
Right I have today opened a joint account for me & hubby with nationwide.. No overdraft..

So this is a full list of all debts and bills that will be paid out of the account monthly , joint income is 2687.
Mortgage - 525
Dad loan - 518
Gas - 80
Elec - 55
Tv licence - 13
Sky - 65
Car insurance me - 50
Car insurance hubs -30
House insurance - 23
Water - 34
Council tax - 99
Mainentenance (child) - 200
Mobile x 2 80

Now the debts:
Lloyds cc - 72 - balance 3400
Mbna cc - 170 - balance 5800
Mbna cc - 15 - balance 480
Barclay cc - 18 balance 500
Barclay cc - 50 - balance 2300
Capital one 15 - balance 490
Halifax overdraft - 50- balance 600
halifax cc - 150 - balance 5400
Halifax cc - 15 - balance 600
Santander cc 15- balance 500
Debenhams -11- balance 350

So after paying all bills an cards etc we will have aprox 325 Left over this will be towards food shop, petrol an entertainment ..

This seem ok?

Next question is, I'm paid monthy, hubby is paid weekly .. My idea was for us to pay half of all bills, cards etc into new nationwide account an keep any left over money in our own accounts?
However can't quite work out how to budget hubbys with him being paid weekly , any ideas ??

Thanks in advance

HappyMJ

mrsjonesjuly2010 wrote: »

Hi I would to thank everyone for their replies.
Right I have today opened a joint account for me & hubby with nationwide.. No overdraft..

So this is a full list of all debts and bills that will be paid out of the account monthly , joint income is 2687.
Mortgage - 525
Dad loan - 518
Gas - 80
Elec - 55
Tv licence - 13
Sky - 65
Car insurance me - 50
Car insurance hubs -30
House insurance - 23
Water - 34
Council tax - 99
Mainentenance (child) - 200
Mobile x 2 80

Now the debts:
Lloyds cc - 72 - balance 3400
Mbna cc - 170 - balance 5800
Mbna cc - 15 - balance 480
Barclay cc - 18 balance 500
Barclay cc - 50 - balance 2300
Capital one 15 - balance 490
Halifax overdraft - 50- balance 600
halifax cc - 150 - balance 5400
Halifax cc - 15 - balance 600
Santander cc 15- balance 500
Debenhams -11- balance 350

So after paying all bills an cards etc we will have aprox 325 Left over this will be towards food shop, petrol an entertainment ..

This seem ok?

Next question is, I'm paid monthy, hubby is paid weekly .. My idea was for us to pay half of all bills, cards etc into new nationwide account an keep any left over money in our own accounts?
However can't quite work out how to budget hubbys with him being paid weekly , any ideas ??

Thanks in advance

You need to be careful submitting SOA's to creditors as they will not allow you to put down £518 for a loan repayment to your dad as you are favouring one creditor over another so you may want to play about with the figures so your SOA does not have the loan repayment on it but your other expenses are as high as is allowed.

Every creditor including your dad must be treated equally so if you pay 2% per month towards every creditor that must also include your dad.

mrsjonesjuly2010

Hi happmj thanks for your reply..

We have decided not to go down the dmp route as believe if we tighten our belts we can deal with these debts on our own..

I have 3 years left paying my dad so once that had been paid .. The big cc debt can get sorted asap..

mrsjonesjuly2010

Morning,

Can anyone help with ideas of how me & hubby can budget .


I have opened a join account with nationwide now the idea is for all the bills, cards etc to come out of there then the money we have left to be kept in each of our personal accounts.

The thing is hubby gets paid weekly, me monthly ?

So unsure how to split it.. If you know what I mean .

[Deleted User]

mrsjonesjuly2010 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of cars owned.................... 2Are two cars necessary?


Monthly Income Details
Monthly income after tax................ 1205 Any way to increase? Overtime? Second job? Have a look at the "up my income board for some suggestions/ideas...
Partners monthly income after tax....... 1476As above
Other income............................ 0Could you take in a lodger? Have a look at the "rent a room scheme": http://www.direct.gov.uk/en/moneytaxandbenefits/taxes/taxonpropertyandrentalincome/dg_4017804
Total monthly income.................... 2681

Monthly Expense Details
Mortgage................................ 525
Council tax............................. 99 Is this over 10 or 12 months? Ask your council if you can spread over 12 if not doing so already
Electricity............................. 55Both this and below seem high to be for only two working adults in the house (either work from home?) Firstly Check that you are not in arrears (and if so, when will they be fully repaid and this payment go down), and secondly, check that you've not been overpaying and that you are not in credit with the company (and if so claim it back)
Gas..................................... 80Check comparison sites, see if you can get a cheaper supplier/package for your area - often online duel fuel is cheapest
Water rates............................. 32Is this s meter? If not would one be cheaper?
Telephone (land line)................... 10Compare and shop around (although does depend on area a bit) should be able to get home phone and internet £20-£25 per month combined
Mobile phone............................ 80This is very high? See if you can drop down tariffs if stuck in contract, if/when out of contract look at SIM only contracts/and PAYG deals - Take a look at GiffGaff - for me they have proved to be the cheapest by far
TV Licence.............................. 13
Satellite/Cable TV...................... 33is this something you could give up until debt free? Freeview or freesat should do?
Internet Services....................... 20See above - shop around
Groceries etc. ......................... 200Not excessive, but could probably be cut a little - try meal planning, batch cooking, try lidl/aldi for groveries, only buy what you need
Clothing................................ 30stick with what you have for now, reduce this and anything that you really need get from e-bay/charity shops
Petrol/diesel........................... 150Are all journeys necessary? can you combine trips? Is there any option eg for work to car share?
Road tax................................ 21
Car Insurance........................... 50
Car maintenance (including MOT)......... 20Will this cover everything for both cars?
Other travel............................ 0Would this be cheaper if you could manage on one car?
Other child related expenses............ 200 Maintenance?
Medical (prescriptions, dentist etc).... 10If this is for a prescription, see if a pre-paid certificate would be cheaper? If contact lenses, then see if buying them online is cheaper?
Pet insurance/vet bills................. 11
Buildings insurance..................... 15At reewal shop around, use comparison sites, and see if there are cash back incentives on the cash back sites - Quidco, topcashback, onepoll etc
Contents insurance...................... 15As above
Life assurance ......................... 0??
Presents (birthday, christmas etc)...... 25Reduce for now, also join the survey sites (yougov, onepoll, Tolunna etc) and start earning points for vouchers that could be used for presents - it's not a quick way to make money, and it will never make a lot of money, but it can help when you're able to save up vouchers etc for Xmas/birthdays
Haircuts................................ 21See if you can go a little longer in between cuts, see if there's a local college offering free/really cheap trainee cuts
Entertainment........................... 40What do you actually spend this on?
Holiday................................. 30Has the holiday already been paid for? If not then this seems like a luxury to miss out on this year
Emergency fund.......................... 0You might want to start to put something here, even a little, so that if/when something breads down you'll not have to reach for further credit. - maybe even £5
Total monthly expenses.................. 1785

Assets
Cash.................................... 0|Don't you have any cash for the less regular expenses like MOT, presents?
House value (Gross)..................... 105000
Car(s).................................. 3000Are two necessary?
Total Assets............................ 108000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86000....(525)......0
Total secured & HP debts...... 86000.....-.........-

Unsecured Debts You NEED to find out what the APRs are before you start overpaying any of the debts.

1) See if you can switch any of it to low or 0% debt (will depend on credit history among other things)

2) Pay the minimum towards ALL debts

3) Overpay the surplus that you find from your SOA towards the debt that's costing you the most in interest (highest APR/interest rate) - once gone, move on to the next highest ARP/interest debt. This way overall you will be paying back the least amount in interest, and the maximum towards the original debt.


Description....................Debt......Monthly...APR
MBNA CARD......................500.......15........0
MBNA CARD......................5900......180.......0
HALIFAX CARD...................620.......19........0
DEBENHAMS CARD.................350.......10........0
LLOYDS TSB CARD................3000......70........0
HALIFAX OVERDRAFT..............600.......50........0
BARCLAY CARD...................2500......50........0
BARCLAY CARD...................600.......19........0
SANTANDER CARD.................500.......15........0
HALIFAX CARD...................5400......162.......0
Total unsecured debts..........19970.....590.......-

Monthly Budget Summary
Total monthly income.................... 2,681
Expenses (including HP & secured debts). 1,785
Available for debt repayments........... 896
Monthly UNsecured debt repayments....... 590
Amount left after debt repayments....... 306Do you actually have this left at the end of every month? if so pay it towards the debt that is costing you the most in interest. If not keep a spending diary noting down all monthly spends to see where it goes, This way you will see if the above SOA is accurate and if there's anything having been forgotten from it

Personal Balance Sheet Summary
Total assets (things you own)........... 108,000
Total HP & Secured debt................. -86,000
Total Unsecured debt.................... -19,970
Net Assets.............................. 2,030

Hi,

I have made some comments above - I hope that they help.

D9

asparagus1968

think you need someone on here who is good at spreadsheets and budgets re the monthly/weekly paydays!
maybe start a new post with " monthly/weekly payday" as a title,it may attract an expert?
anyway you can jiggle your cards around to fit more of the high interest debt onto lower interest cards,also reducing number of cards you have?
you need a list of the actual dates which bills go out of account,making sure there is always enough in that account.
eg, salaries go into account A, make spreadsheet with weekly outgoings on it then set up
weekly DD paid into account B to cover bills/petrol/food etc
maybe evn try the "envelope system" (there are threads on this here,just put into search box)
also,your house/insurance seems a little high-mine for example is £17 for both,and got £50 cashback with Swint*n insurance,
good luck,